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News article22 September 2021Directorate-General for Communication

Reviewing EU insurance rules: encouraging insurers to invest in Europe's future

The European Commission has today adopted a comprehensive review of EU insurance rules (known as “Solvency II”) so that insurance companies can scale up long-term investment in Europe's recovery from the COVID-19 pandemic.

Commissioner McGuinness addressing press conference on the review of EU insurance rules

Today's review also aims to make the insurance and reinsurance (i.e. insurance for insurance companies) sector more resilient so that it can weather future crises and better protect policyholders. Moreover, simplified and more proportionate rules will be introduced for certain smaller insurance companies.

The review consists of the following elements:

Mairead McGuinness, Commissioner responsible for financial services, financial stability and Capital Markets Union said: “Today's proposal will help the insurance sector step up and play its full part in the EU economy. We are enabling investment in the recovery and beyond. And we're fostering the participation of insurance companies in the EU's capital markets, providing the long-term investment that is so vital for a sustainable future. Our growing Capital Markets Union is essential for our green and digital future. We're also paying close attention to the consumer perspective; policyholders can be reassured that they will be better protected in future if their insurer runs into difficulties.”

 

Details

Publication date
22 September 2021
Author
Directorate-General for Communication

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